March 3, 2024
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ELECTRICITY OIL & GAS

U.S. Natural Gas Supplies Plunge amid Extreme Cold, Record Heating Demand

Extreme cold weather has led to a significant decline in U.S. natural gas supplies, marking the most significant drop in over a year.

According to Reuters, the Arctic blast has caused temperatures to plummet across a large portion of the U.S., resulting in power outages, disruptions to various activities, and increased demand for heating.

Analysts raised earlier projections for record gas demand on Tuesday but cut their outlook for gas use on Monday, owing in part to the fact that many businesses and government offices will be closed for the Martin Luther King Jr. holiday weekend.

Due to tight grid conditions caused by freezing weather, high demand, and unseasonably low amounts of wind power, the Electric Reliability Council of Texas (ERCOT), which operates much of the state’s power grid, urged homes and businesses to conserve electricity on Monday and Tuesday mornings before solar power facilities begin producing energy.

While the grid “avoided emergency operations due to conservation efforts by Texas residents and businesses,” ERCOT predicted electricity demand to exceed last summer’s all-time high on Tuesday morning and forecast tight power reserves.

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